NASSAU, BAHAMAS — Just over 80 percent of low income Bahamian households were impacted by loss of employment due to the COVID-19 pandemic, according to an Inter-American Development Bank (IDB) report.
The bank furthered that nearly 73 percent of Bahamian households had reported income loss in April of this year.
The findings were based on an online socioeconomic survey, which had 910 respondents.
The report, entitled “The Caribbean Crisis: Results from an Online Socioeconomic Survey”, noted that the percentage of households reporting income below the minimum wage increased from 16.1 percent in January to 47.6 percent in April.
The paper noted that the three main factors contributing to this shock were business closures, employment loss and loss of rental income.
According to the report, 50.8 percent of households surveyed reported that they had closed their business either due to requirements by authorities or due to lack of demand.
The survey also revealed that 50.2 percent of households declared at least one job loss and 18.4 percent of households indicated that they had stopped receiving payment for renting real estate or vehicles.
“The crisis affected all sources of income and all income levels, but not in the same magnitude,” the report read.